The Financial System

Financial Industry shares an important part of in tertiary industry and is a powerful support in economic development in Ningbo.

Now the local financial system has been gzeatly improved. By the end of 2005, there have been 4 state-owned commercial banks, 10 joint-stock commercial banks, 1 local commercial bank, 2 foreign banks in Ningbo. Financial industry is playing an important role in raising and utilizing the social fund. By the end of 2005, the balance of banking deposits in RMB and foreign currency amounted to 391.95 billion yuan in RMB, and the loans in RMB and foreign currency amounted to RMB 308.94 billion yuan in RMB,grew 43% over 2004. Banking industry is the main channel of absorbing deposits, extending loans and providing financial services. Abiding by the principle of safely-operating and the idea of clients' benefit being the highest, all banks are undertaking bank-marketing, so banks' loans deal with such areas as agriculture, Hi-tech industry, building industry, the service industry, etc. Each bank has innovated and created various financial products. Meanwhile, the securities and insurance industries are also developing dynamically.

The goal of developing local financial industry is to establish a creditable and efficient financial system. We will provide first-class and convenient financial services to domestic and foreign customers. At the same time, we heartily invite more domestic and foreign banking and non-banking financial institutions comming to Ningbo to set up financial enterprises, quickening the diversification of financial institutions and enhancing the competitive ness of the whole industing.